--- title: 'The Best CD Rate We’ve Seen in Years Just Arrived: It Pays Over 6% APY' description: A regional bank in Virginia now CD rate paying over 6% APY, the highest we've seen in years. Here are the best CD rates you'll find today. authors: - name: Brenden Rearick role: Reporter url: https://money.com/author/brenden-rearick/ bio: Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends. education: University of Pittsburgh, BA at_money_since: 2023 articles: 133 covers: - Banking - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-06-22T19:22:07.000Z' modified: '2023-06-23T13:39:26.000Z' section: Banking tags: - News word_count: 375 canonical: https://money.com/bank-cd-rate-over-6-apy/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![photo collage depicting an APY](https://img.money.com/2023/06/News-This-CD-paying-whopping-6-APY.jpg?crop=0px%2C107px%2C2880px%2C1620px&quality=85) *\*Rates and APYs are subject to change. All information provided here is accurate as of June 22, 2023.* What's the best way to save money now? In an era of [high interest rates](https://money.com/federal-reserve-pause-interest-rate-hikes/), the options are plentiful, with many [high-yield savings accounts](https://money.com/best-high-yield-savings-accounts/) and [money market accounts](https://money.com/best-money-market-accounts/) paying [5% APY](https://money.com/earn-5-percent-apy-savings/) or close to it. But you may want to consider [certificates of deposit](https://money.com/what-is-a-certificate-of-deposit/) (CDs) as well, especially because one bank just rolled out an eye-popping APY over 6% on a [CD account](https://money.com/best-cd-rates/). ## Save and grow your money without incurring risk - open a CD Account. ### If you want your money to work a little harder but aren't sure about investing in stocks or bonds, look into a Certificate of Deposit (CD) from Discover®️. Click on your state to open a CD account today! [See Offer](https://money.com/pr/u9963b980dc7?ap_referrer=%2Fbank-cd-rate-over-6-apy%2F) ## The best CD rates now Old Point National Bank, a regional bank serving customers across the state of Virginia, is now offering customers a [6.02% APY](https://www.oldpoint.com/personal-banking/personal-savings/cd-specials) on a 6-month CD special. For the sake of comparison, according to the [FDIC](https://www.fdic.gov/resources/bankers/national-rates/index.html), the average national rate for a 6-month CD stands at just 1.26%, and many accounts described as ["high-yield CDs"](https://money.com/high-yield-cds/) are currently paying around 5% APY. The special offer requires a minimum deposit of $500. As is the case with most other CDs, Old Point CD investors will be locked in at this 6.02% APY until the end of their 6-month term. Afterwards, the CD can be cashed out or renewed at whatever rate Old Point is offering at that time. While the guaranteed return with CDs is safe and attractive for savers, the drawback to CDs is that they typically penalize customers for prematurely accessing the funds, making them more rigid than a [savings account](https://money.com/best-savings-accounts/). But the higher average returns than typical savings accounts often make for a fair tradeoff. Before you get too excited about scoring a high return with this CD, take note that Old Point's CD specials must be opened in person at one of its many eastern Virginia branches. If you don't live in Virginia or anywhere near an Old Point branch, many other banks are offering CDs with competitive APYs that are available online. Here are some of the [best CD rates](https://money.com/best-cd-rates/) right now: - [Forbright Bank](https://money.com/pr/i553a57ac5f4?ap_referrer=https%253A%252F%252Fmoney.com%252Fbank-cd-rate-over-6-apy%252F): 5.20% APY - [Discover](https://money.com/pr/u89384dbf055?ap_referrer=https%253A%252F%252Fmoney.com%252Fbank-cd-rate-over-6-apy%252F): 5.00% APY - [Synchrony](https://money.com/pr/i24cfccef3f5?ap_referrer=https%253A%252F%252Fmoney.com%252Fbank-cd-rate-over-6-apy%252F): 5.00% APY - [CIT Bank](https://money.com/pr/xbb6bc3f0e68?ap_referrer=https%253A%252F%252Fmoney.com%252Fbank-cd-rate-over-6-apy%252F): 4.90% APY ## Opening a Certificate of Deposit (CD) account can be a safe way to grow your savings ### A CD account is a great financial tool to build your savings for a short-term goal. Click below to open a CD account with Discover ®️. [See Offer](https://money.com/pr/u7c498ca51e8?ap_referrer=%2Fbank-cd-rate-over-6-apy%2F) ![](https://s3.consumersadvocate.org/prd/image/image/36133/medium_540498b7-511a-4fa5-8824-09ca78d750b2.webp) Start growing your savings today with a CD from Bread Financial [See Offer](https://money.com/pr/gef6655c2bc3?ap_referrer=%2Fbank-cd-rate-over-6-apy%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/bank-cd-rate-over-6-apy/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Banking", "item": "https://money.com/banking/" }, { "@type": "ListItem", "position": 3, "name": "Certificates of Deposit", "item": "https://money.com/certificates-of-deposit/" }, { "@type": "ListItem", "position": 4, "name": "The Best CD Rate We’ve Seen in Years Just Arrived: It Pays Over 6% APY" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/bank-cd-rate-over-6-apy/#webpage", "url": "https://money.com/bank-cd-rate-over-6-apy/", "name": "The Best CD Rate We’ve Seen in Years Just Arrived: It Pays Over 6% APY", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-06-22T19:22:07.000Z", "mainEntity": { "@id": "https://money.com/bank-cd-rate-over-6-apy/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/bank-cd-rate-over-6-apy/#breadcrumb" }, "dateModified": "2023-06-23T13:39:26.000Z" }, { "@type": "NewsArticle", "headline": "The Best CD Rate We’ve Seen in Years Just Arrived: It Pays Over 6% APY", "articleSection": "Banking", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/06/News-This-CD-paying-whopping-6-APY.jpg?crop=0px%2C107px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-This-CD-paying-whopping-6%-APY" } ], "author": [ { "@type": "Person", "name": "Brenden Rearick", "url": "https://money.com/author/brenden-rearick/", "@id": "https://money.com/author/brenden-rearick/#author", "description": "Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends.\r\n\r\n", "email": "brenden.rearick@money.com", "alumniOf": "University of Pittsburgh, BA" } ], "publisher": "https://money.com/#organization", "datePublished": "2023-06-22T19:22:07.000Z", "description": "A regional bank in Virginia now CD rate paying over 6% APY, the highest we've seen in years. 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